Monetary and Financial Innovation in the Spanish Empire: Lights and Shadows

Carlos Álvarez-Nogal ()

A chapter in Explaining Monetary and Financial Innovation, 2014, pp 301-321 from Springer

Abstract: Abstract Spanish history shows how risky it might be to judge the quality of the institutions according to the economic results of a country at any given moment. Independent of the type of government or the way of administrating power, it was essential for countries to make an effort to keep their economy open and competitive. Spain boasted an innovative financial and monetary system in the 16th century, along with other private and public institutions that contributed to its economic growth. This innovative capacity came primarily from the private sector, and it was possible because the Crown encouraged the opening of the Spanish economy, attracting entrepreneurs and bankers from all over Europe. The reputation of its currency and public debt attracted investors. The transfer of persons and goods aided business with other European territories whose economies had also been expanding since the end of the Middle Ages.

Keywords: Iberian Peninsula; Financial Service; Precious Metal; Public Debt; Financial Innovation (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:fimchp:978-3-319-06109-2_12

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DOI: 10.1007/978-3-319-06109-2_12

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